Top 100 UK brokers report ‘crazy’ commercial rate reductions up to 50%
A number of Top 100 UK brokers have seen “crazy” rate reductions of between 40% and 50%, with savings in the hundreds of thousands of pounds during the ongoing competitive soft market, Insurance Age can reveal.
As part of the data collection for the ranking which will be released next week we asked brokers what had been the biggest premium price cut – by percentage and/or cost – they had seen from an insurer on a comparable risk (i.e. same cover as year before) in the past 12 months?
One broker remarked: “The market has been crazy, and we have seen anything from 5% to 40% reductions in premium.
“Our biggest [monetary] example would be a £100,000 reduction by the holding market before we started
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